Saudi Aramco had the world’s largest initial public offering in 2019.
Saudi Aramco’s shares began trading on the Saudi Exchange in December 2019. The offering raised about $25.6 billion, and an additional overallotment option later lifted the total to roughly $29.4 billion. The government retained the overwhelming majority of the company.
Saudi Aramco traces its origins to the 1933 oil concession granted to Standard Oil of California. Oil production began in the late 1930s, and the Saudi government gradually acquired ownership before completing nationalization in the 1980s. The company is headquartered in Dhahran.
Its market value has made it one of the world’s richest companies by market capitalization, although rankings move with share prices and exchange rates. Saudi Aramco is an integrated energy company, not merely an oil producer: it also operates in natural gas, refining, chemicals, and petroleum products.